在全球化競爭的情況下，台灣集團企業積極從事海外投資以增加競爭力。然而，在市場距離會產生經營風險的前提下，為何集團企業仍願意前往投資的相關研究相對較少。因此，本研究以中華徵信所台灣300大集團資料庫，彙整2006〜2012年101家集團企業資料為樣本進行分析。結果顯示，環境複雜性、環境動態性、環境豐富性會讓企業選擇文化距離或是體制距離近的海外市場。績效落差對於海外市場的文化距離與體制距離則呈現負向關係，也就是績效落差愈大，愈會選擇文化與體制距離近的市場。經由分析，本研究能夠給予集團企業在海外投資賣務與管理上的建議。

With the increasing global competition, business groups in Taiwan have been actively engaged in foreign investment to enhance competitiveness. While this phenomenon has received great theoretical attention and acceptance, few studies explain why some business groups are willing to set up affiliates in the foreign countries with large market distance and high risks. Using panel data on foreign direct investments by 101 business groups from Taiwan over a seven-year period from 2006 to 2012, this study finds that business groups with complex industrial environment，dynamic in-dustrial environment, and munificent industrial environment, managers are unwilling to invest is that with characteristics of high culture distance and institutional distance. The attainment discrepancy has a negative relationship with the cultural distance and institutional distance.